Out of 400 million India’s students, only 260 million are enrolled in schools. Parents, across all income levels, see primary education as the key to unlock future doors for their children.
The need for the hour is to relentlessly work out and create solutions to close the gap between quality education and its accessibility and affordability. Admitting the need for modest-quality education, Auxilo Finserve enables students as well as schools to “dream big!” Auxilo Finserve, with its aim of making it possible for students to study abroad with up to a hundred percent cost coverage arranged within the shortest possible time, is no less than a dream come true for many deserving students. They endeavor to give education a promotion with their Education Institution Loan (EIL), which can be utilized by schools to enhance and develop infrastructure, services, and offerings. They cater to K-12 schools, boarding schools, primary/ preprimary schools, as well as coaching centers.
Founded in 2017, Auxilo Finserve Pvt. Ltd. is a proeducation NBFC registered with the Reserve Bank of India. With the belief that it’s the right of every student to avail of quality education, the firm is taking steps towards ensuring that students acquire the knowledge, skills, and dispositions that they need to achieve their individual goals and to maximize their contribution to society and the country on the whole. The firm’s prime responsibility as a Financial service provider in the education sector is enabling access to the best of class education to all the deserving candidates in a convenient manner.
A lot of people just decide to put off their dreams until they have money. Every single day when they put off their dreams, they lose a portion of time to live that dream. Later in the life they live wondering what if they had made those choices, how would life be different. We realize how cherished your dreams are. You have been living them for years and letting them go off just for the lack of money may limit your idea of seeing another one. Don’t worry!! If you have a clear vision, and a determination to succeed, we stand by you. We have seen a personal and career growth in aspiring youth coming from different parts of the country looking at pursuing various courses. The same can be seen in our school development segment. We have been helping Institutions and trusts to enable better education through technology and right educational practices.” says Mr. Neeraj Saxena (MD & CEO) at Auxilo.
THE MAKING OF AUXILO
Being a start-up, the first struggle was getting people to believe in the organization, recalls the CEO. It requires a lot of hard work and honesty to create a belief when it comes to uniting people to work for a common dream. Over the years the team built a solid foundation of really dedicated individuals. They worked a day in and day out towards one common vision ‘money won’t hold you back in achieving your dreams’. When the vision moved ahead, more members joined the cause and the team of Auxilo witnessed significant growth. Yes, there were ups and downs and financial markets also crashed. But all of these kept strengthening the will to succeed. The team also began focusing on the qualitative side of business development such as product research, data analytics, etc.
AUXILO OFFERS TWO MAIN SERVICES:
Higher Education Loans: These are the loans provided to students who are looking for further enhancement of their skill set by attaining higher education within India or Abroad.
School Development Loans: These are the loans provided to educational institutions that can be utilized for multiple purposes such as enhancing and developing infrastructure, services, and offerings that aid the education enhancement for the school or institution.
When asked what helps you structure these loans, the CEO says: “Education and economic factors are the key challenges because that’s where we have to continuously keep understanding, improving, parameterizing and quantifying what the decision parameters are going to be. The challenge is to keep on understanding the need for the education economics of the country and its constantly changing applicability. While, in the school development lending segment, it is the acute understanding of education economics and the dynamism involved in it that helps us structure these loans.”
A UNIQUE PRACTICE
Auxilo has specialized in wider coverage of courses with a wider outreach of countries. These courses are related not just to science and management but also to Music and Fashion. Unlike the market that is focused only on conventional lending, Auxilo has been able to identify different products to help students complete their admission formalities with ease such as Pre-Admission loans and Pre-Visa Disbursements, etc. Here, the students have also used Auxilo’s sanction letter as proof of funds at the embassy. The focus is not only on Schools from rural areas. Any private unaided schools can apply for a loan from Auxilo for any kind of requirement at their school.
Want to know more about this promising company? We had a conversation with the founder to bring you some exclusive insights. Here’s a quick glimpse.
WHAT FACTORS HAVE LED TO THE RISE OF GOODWILL?
We believe that students looking for financing from Auxilo are entrusting their future aspirations with us. As a responsible lender, we empathize with that thought and offer credit on fairest possible terms with the clearest and transparent processing giving the customer unparalleled clarity for their financing. This can be reinforced by the systemic process management across the entire customer journey followed by each team, function, a member at Auxilo starting from onboarding to the final disbursement and beyond. We don’t limit ourselves to just the assessment of the case but delve into consulting the students for the best college or course that they can opt for.
HOW HAS R&D HELPED AUXILO GAIN A SIGNIFICANT ADVANTAGE?
Thanks to data analytics and technology, we have realized micro and macro factors that go into the choices of aspiration and how people perceive financing. Therefore, attending seminars, education fairs and interacting with a lot of students on campuses, on-ground engagements with schools/colleges with interactive sessions, understanding the global news and its impact are some of the protocols that we follow in the R&D department and is an on-going process for us. We realize that there is a wide gap in education financing and sometimes it’s not about the product or the backend algorithm but continuously growing new factors that starts giving us the edge in understanding education finance in new dimensions.
CONCLUDING THOUGHTS
Auxilo operates in segments that are enablers of social development in the country. Auxilo’s endeavor lies in improving the accessibility of funds to bright students coming from financially modest backgrounds so that they can fulfill their dreams and have a scalable change in their family’s livelihood. Auxilo also works towards improving the primary education infrastructure in the country through the school development funding. It caters to schools in tier-2 and tier-3 markets, wherein the funds can enable improvement in the quality of education for the students studying there. Through upgraded infrastructure, facilities and new-age digital classrooms, Auxilo work towards changing lives. Both business verticals of Auxilo, though for profit, are socially inclined and are enabling a finer educated society resulting in an empowered nation on the whole
